Fiscal 2013 off to slow start for LVCVA
Thus far, fiscal 2013 is looking sluggish for the Las Vegas Convention and Visitors Authority.
Year-to-date, general fund operating revenues for fiscal 2013 are down
$1.7 million from this time in fiscal 2012, preliminary reporting shows.
Total year-to-date revenues are
$54.8 million for the fiscal year that started July 1. Operating revenues include room taxes, gaming fees, facility charges for the Las Vegas Convention Center and Cashman Center, and interest earnings.
For valley hotels, the year-to-date occupancy rate also is 0.6 percent lower, at 84.9 percent this year.
On Tuesday at its November board meeting, the Las Vegas Convention and Visitors Authority's board of directors approved the entity's first-quarter budget and statistical report for fiscal 2013.
Although revenue and occupancy were down, room tax revenues year-to-date are up 6.6 percent over fiscal 2012, to $48.2 million from $47.9 million.
"Things are getting better every month," said Tom Collins, the board's chairman and a Clark County commissioner.
For hotels, the average daily rate also is up, to $79.31 from $78.78 this time last year.
Although some of the numbers are rising, Rana Lacer, vice president of finance for the authority, was cautious in her outlook .
"We are not back to prerecession levels," she said. "We think growth this year will be more moderate than it has been in the past, but there will still be growth."
Separately, the mauve panels on the outside of the Las Vegas Convention Center soon will be repainted "various shades of gray," said Terry Jicinsky, the travel authority's senior vice president of operations.
Cost for the face-lift, which Jicinsky said is meant to update the convention center's look, comes in at $1.62 million. The board approved the expense Tuesday and the bid was awarded to Anaheim, Calif.-based Techno Coatings Inc.
Las Vegas-based Martin-Harris Construction and Britim Construction Inc. submitted bids of $1.87 million and $3.12 million, respectively.
Contact reporter Laura Carroll at
lcarroll@reviewjournal.com or 702-380-4588.
